1. The Journal
Unit 6

2. The General Journal
The general journal is the main journal of a business.
Replaces t-accounts because it is easier to locate errors.
Records all transactions in one place.
Transactions are recorded chronologically.

3. Journal Entries
Journalizing is the recording of a transaction in a journal.
See page 110 in the text for a sample of a journal entry.

4. Journal Recording Procedures:
Record the date
Record the debit (always first)
Record the credit (always second)
Record the explanation (use the description from the text for exercises from the book)

5. Advantages of the Journal
Complete transaction is recorded in one place.
The use of a journal reduces errors. Because all information is recorded in one place, the errors are easier to spot.
Presents a chronological history of all business transactions.
Easier to identify busy periods.
Convenient picture of each day’s business.
Still follows the double-entry accounting principle.